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The subprime lender OppFi sued California's consumer protection agency last year, arguing its loans are not subject to the state's interest rate cap of 36%. State officials are asking a judge for an injunction on new loans until the broader fight is resolved.
February 2 -
A lawsuit filed by Attorney General Maura Healey last year said Credit Acceptance Corp. in Michigan made predatory loans to Bay State borrowers and used deceptive practices to collect debt.
September 1 -
The Chicago subprime lender had previously warned that regulators were investigating its military lending practices. Its stock price rose by about 9% after the disclosure that the probe has wrapped up.
August 30 -
Subprime borrowers whose credit scores have risen since they bought their cars are increasingly looking for a better deal. Credit unions and small banks are seizing the opportunity, often with the help of fintechs.
August 25 -
The Spanish bank’s U.S. holding company said it will pay a premium to purchase the publicly traded shares in Santander Consumer Holdings. The proposal is subject to the approval of the auto lender’s board of directors.
July 2 -
KMD Partners, which makes high-interest rate loans through its CreditNinja brand, has agreed to acquire the $11.7 million-asset Liberty Bank. The purchase is likely to draw scrutiny, but the companies argue that it will help borrowers with lower credit scores qualify for less expensive loans.
June 15 -
After more than 100 years of mostly in-person operations, the subprime installment lender is seeking to adapt to changing consumer preferences — launching an online loan platform just before the pandemic and recently striking a deal to acquire a financial wellness app.
May 10 -
Looming defaults and the potential for heavier regulatory scrutiny have prompted banks to pull back from the sector. Is that a good thing?
April 28 -
The San Francisco company has faced financing challenges as its customers, largely lower-income Latinos, have struggled to keep up with monthly payments.
January 11 -
The company, which provides credit cards to millennials, is expanding its target audience beyond thin-file consumers and those without credit histories. It will now also target those with blemished, nonprime credit histories.
October 7